IRS won’t enforce penalties on medical device tax


medical device taxThe U.S. Internal Revenue Service yesterday said it won’t enforce penalties on companies making late payments on the medical device tax for the first three months of this year.

The 2.3% excise tax on U.S. medical device revenues was in effect for two years before a two-year moratorium went into effect for 2016 and 2017. It went back into effect at the beginning of this year, but there are nearly 10 bills pending in the House and Senate that would further delay or outright repeal the levy.

Yesterday the Treasury Dept.’s collection arm said the quick turnaround required by the §6656 tax statute – the first semi-monthly payment covering the first 15 days of the year is due Jan. 29 – it won’t collect penalties on late payments.

Get the full story on our sister site MassDevice.

Join the Best Minds in MedTech at DeviceTalks Minnesota!

textadimage This year’s DeviceTalks Minnesota features four tracks packed with expertly curated content created by the industry for the industry.

ECO-SYSTEM TRACK: focuses on issues impacting medtech companies across Minnesota and beyond. TECHNOLOGY TRACK: drills down on the hottest new tech that is changing medtech. REGULATORY 201 and CLINCAL 201 TRACKS: Hosted by Medical Alley and focuses on the most important trends in regulatory and clinical development.

Take a look at our full agenda.

Use the code "TRACKS" to save 15% on the cost of registration. 


Speak Your Mind